Subsidy Tracker Individual Entry

Company: 
ALDI INC
Parent Company: 
Aldi
Subsidy Source: 
local
Location: 
Illinois
City: 
Maywood
County: 
Cook
Address: 
115 W MADISON, MAYWOOD, 60153
Project Description: 

Tax Rebate is to help with construction costs, Maywood agrees to grant Aldi tax relief in the agreeement amount of $290,000.00, plus interest thereon, which amount is to be realized by Aldi in the form of Maywood returning as a rebate 62% of Maywood's share of the annual real estate and sales taxes paid by Aldi over a thirteen-year period commencing on the date Aldi opens for business or until Aldi has received $290,000.00 in principal in such tax relief, together with 11% simple interest computed on the outstanding balance, whichever first occurs, except that in no event will Aldi be entitled to rebate after thirteen years from the date of the beginning of the operation of the retail sales business...AMENDMENT TO AGREEMENT,Additional Tax Rebate,in addition to the to the tax rebate provided in Paragraph 12 of Agreement,Maywood shall grant Aldi additional tax relief in the amount of the funds actually expended for environmental remediation max $100,000.00

Year: 
1992
Major Industry of Parent: 
retailing
Specific Industry of Parent: 
retail-supermarkets
Subsidy Value: 
$390,000
Program Name: 
Local Sales Tax Rebate
Awarding Agency: 
Department of Revenue
Type of Subsidy: 
tax credit/rebate
Notes: 

Year is year agreement began. Subsidy value is maximum rebate. Project description is verbatim text (including indeterminate amounts) from the Department of Revenue's online compilation of excerpts from local agreements.

Source Notes: 
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